MKT101 CHAPTER 1 QUESTIONS
COMPLETE WITH 100% VERIFIED
ANSWERS
\.All of the following are accurate descriptions of modern marketing EXCEPT which
one?
A) Marketing is the creation of value for customers.
B) Marketing is managing profitable customer relationships.
C) Selling and advertising are synonymous with marketing.
D) Marketing involves satisfying customers' needs.
E) Marketing is used by for-profit and not-for-profit organizations. - ANSWERS✔-C
\.According to management guru Peter Drucker, "The aim of marketing is to
________."
A) create customer value
B) identify customer demands
C) make selling unnecessary
D) set realistic customer expectations
E) sell products - ANSWERS✔-C
,\.________ is defined as a social and managerial process by which individuals and
organizations obtain what they need and want through value creation and
exchange.
A) Selling
B) Advertising
C) Bartering
D) Marketing
E) Negotiating - ANSWERS✔-D
\.Which steps of the five-step marketing process are about understanding
customers, creating customer value, and building strong customer relationships?
A) the first two only
B) the first three only
C) the first four only
D) the last three only
E) the last four only - ANSWERS✔-C
\.According to the simple five-step model of the marketing process, a company
needs to ________ before designing a customer-driven marketing strategy.
A) determine how to deliver superior value
B) build profitable relationships with customers
C) use customer relationship management to create full partnerships with key
customers
D) understand the marketplace and customer needs and wants
,E) construct key components of a marketing program - ANSWERS✔-D
\.________ are human needs as shaped by individual personality and culture.
A) Needs
B) Wants
C) Demands
D) Values
E) Exchanges - ANSWERS✔-B
\.When backed by buying power, wants become ________.
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges - ANSWERS✔-B
\.A(n) ________ is some combination of products, services, information, or
experiences offered to consumers to satisfy a need or want.
A) market offering
B) value proposition
C) demand satisfaction
D) need proposition
E) evoked set - ANSWERS✔-A
, \.Which of the following refers to sellers being preoccupied with their own
products and losing sight of underlying consumer needs?
A) selling myopia
B) marketing management
C) value proposition
D) marketing myopia
E) the product concept - ANSWERS✔-D
\.When marketers set low expectations for a market offering, the biggest risk they
run is ________.
A) disappointing loyal customers
B) decreasing customer satisfaction
C) failing to attract enough customers
D) failing to understand their customers' needs
E) incorrectly identifying a target market - ANSWERS✔-C
\.) ________ is the act of obtaining a desired object from someone by offering
something in return.
A) Valuation
B) Exchange
C) Bribery
D) Value creation
E) Donation - ANSWERS✔-B
COMPLETE WITH 100% VERIFIED
ANSWERS
\.All of the following are accurate descriptions of modern marketing EXCEPT which
one?
A) Marketing is the creation of value for customers.
B) Marketing is managing profitable customer relationships.
C) Selling and advertising are synonymous with marketing.
D) Marketing involves satisfying customers' needs.
E) Marketing is used by for-profit and not-for-profit organizations. - ANSWERS✔-C
\.According to management guru Peter Drucker, "The aim of marketing is to
________."
A) create customer value
B) identify customer demands
C) make selling unnecessary
D) set realistic customer expectations
E) sell products - ANSWERS✔-C
,\.________ is defined as a social and managerial process by which individuals and
organizations obtain what they need and want through value creation and
exchange.
A) Selling
B) Advertising
C) Bartering
D) Marketing
E) Negotiating - ANSWERS✔-D
\.Which steps of the five-step marketing process are about understanding
customers, creating customer value, and building strong customer relationships?
A) the first two only
B) the first three only
C) the first four only
D) the last three only
E) the last four only - ANSWERS✔-C
\.According to the simple five-step model of the marketing process, a company
needs to ________ before designing a customer-driven marketing strategy.
A) determine how to deliver superior value
B) build profitable relationships with customers
C) use customer relationship management to create full partnerships with key
customers
D) understand the marketplace and customer needs and wants
,E) construct key components of a marketing program - ANSWERS✔-D
\.________ are human needs as shaped by individual personality and culture.
A) Needs
B) Wants
C) Demands
D) Values
E) Exchanges - ANSWERS✔-B
\.When backed by buying power, wants become ________.
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges - ANSWERS✔-B
\.A(n) ________ is some combination of products, services, information, or
experiences offered to consumers to satisfy a need or want.
A) market offering
B) value proposition
C) demand satisfaction
D) need proposition
E) evoked set - ANSWERS✔-A
, \.Which of the following refers to sellers being preoccupied with their own
products and losing sight of underlying consumer needs?
A) selling myopia
B) marketing management
C) value proposition
D) marketing myopia
E) the product concept - ANSWERS✔-D
\.When marketers set low expectations for a market offering, the biggest risk they
run is ________.
A) disappointing loyal customers
B) decreasing customer satisfaction
C) failing to attract enough customers
D) failing to understand their customers' needs
E) incorrectly identifying a target market - ANSWERS✔-C
\.) ________ is the act of obtaining a desired object from someone by offering
something in return.
A) Valuation
B) Exchange
C) Bribery
D) Value creation
E) Donation - ANSWERS✔-B
